as far as safety goes: not an issue unless ur going over like a 18x10 with a 215/45 range, some will be fine, but it depends on each tyre and rim, some tyres are better at stretch, some rims are better at stretch (bead seat design). but for most stretch like a 215 on a 9", ull be fine.
looks: personal taste
performance: can provide less traction (as opposed to a same size tyre on a thinner wheel), but will firm up the sidewalls, hence it is popular for drift, it means u dont have to run high end tyres to get a tyre with a solid and predictable sidewall. afterall drift is about control and predicability, sacraficing a bit of traction/speed for more predictability often makes sense
ride/comfort: there will be a slightly harsher ride, as well as tracking as there is less sidewall compliance, no different to performance tyres with hard sidewalls tho